FL10.6 Explore the principles of saving money and the importance of a savings mindset.
Save Smart
The sixth episode of the “Cash Class” series looks at savings goals and strategies, simple vs. compound interest, and the importance of an emergency fund.
This video was specifically designed to address all of the Learning Indicators of Outcome FL10.6, and serve as a real-life scenario companion piece to the Building Futures in Saskatchewan curriculum correlations.
Saving isn’t about being boring—it’s about buying yourself options. This episode guides students through setting short‑, medium‑ and long‑term savings goals, from concert tickets to a first car. Viewers learn to “pay yourself first” by sending money straight into savings before spending and might try the 50/30/20 rule (50 % needs, 30 % wants, 20 % savings). We explain the difference between simple and compound interest—how compound interest lets your money earn money over time—and why starting early matters. The video also stresses the importance of an emergency fund and clarifies the difference between saving (accessible, lower risk) and investing (long‑term growth with higher risk).
Reflection question: What small habit—automatic transfers, rounding up purchases, skipping a weekly takeout—could help you start building savings today?
This Outcome Looks At:
Reasons for the short and long-term saving of money.
The relationship between saving and investing.
Different saving strategies.
The advantages and disadvantages of various saving strategies.
Appropriate saving strategies based on needs, wants, and goals.
How family perspectives, culture, social influences, and personal experiences shape an individual’s attitude towards saving.
Savings philosophies.
The importance of including an emergency savings fund as part of a financial plan.